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Drop in gross collection of small savings

CHENNAI: The gross collection of small savings in the State during the one-year period ending May 2008 dipped by nearly Rs.44 crore to Rs.1224.45 crore, said T.Dasari, Regional Director, National Savings Institute (NSI).

Speaking on the sidelines of the Sanchayika Day celebrations here on Tuesday, he said the figure excluded the collections in banks and PPF.

The drop in the collections, however, is not expected to hamper the popularity of the schemes as there are inherent advantages of investing in them such as total security of the deposits.

The Sanchayika scheme offered by the Central Government and implemented by the State Government through post offices is a School Savings Bank that is run by school and college students.

Small savings, he said, provided an opportunity for individuals to save as less as Rs.10.

Mr. Dasari also presented the Best Sanchayika award in Chennai to Avichi Higher Secondary School for 2007-08.